Table of Contents:
- What Is a Merchant Account Provider?
- Key Factors to Consider When Choosing a Provider
- Best Merchant Account Providers for Different Businesses
- Selecting the Right Provider to Optimise Payment Processes
What Is a Merchant Account Provider?
A merchant account provider connects a business with the tools it needs to accept card payments. It offers a specialised account where funds from transactions are deposited before being transferred to a business’ bank account.
When to Consider Internet Merchant Facility
In addition to standard merchant accounts, many providers offer Internet Merchant Facility (IMF). An IMF is a specialised type of bank account that enables a business to accept secure online payments, boosting efficiency and customer convenience.
Businesses selling products or offering services both in-store and online should consider setting up an IMF to securely process card payments made through a website. While necessary under these circumstances, IMFs help build trust with customers by legitimising operations.
Do Merchant Provider Services Include IMF Support?
Best merchant service providers typically support IMF, working alongside payment processors and gateways to ensure smooth handling of all payment methods. Whether through physical PoS (Point of Sales) solutions, virtual terminals, or online gateways, they cater to the growing demand for secure online transactions.
Types of Merchant Service Providers
In the UK, the merchant provider services are available through three types of companies, which comprise:
- Merchant acquirers that own and operate merchant accounts
- Payment Service Providers or Independent Sales Organisations that partner with merchant acquirers and are authorised to provide merchant accounts
- Payment aggregators or payment facilitators that eliminate the need for a dedicated merchant account to process payments
Key Factors to Consider When Choosing a Provider
A Payment Systems Regulator (PSR) survey highlights that price increases and service quality often drive businesses to switch providers. Selecting the right merchant account provider means understanding that one size does not fit all. The best merchant providers are those that meet each business’ unique needs. Consider the following key factors to avoid future disruptions.
Costs and Transparency
Merchant providers charge fees for card transactions, including interchange fees, authorisation fees, and monthly charges. Compare rates and prioritise transparency to avoid hidden costs.
Payment Options
Merchants should ensure their provider supports diverse payment methods. For instance, PoS systems, virtual terminals and mPOS card readers. This flexibility helps meet customer preferences.
Ease of Scalability
Seamless integration of payment processing tools and apps is crucial for scalability. For example, our PoS solutions offer an interconnected ecosystem of hardware, software, apps and services to ensure scalability when one selects or switches merchant account providers.
Customer Service
A provider’s support quality can directly affect a business. Look for accessible, knowledgeable support teams to address concerns over merchant accounts quickly.
Reliability
Avoid service disruptions by choosing the best merchant providers. A trusted partner like Barclaycard and Worldpay, used by roughly a half of UK companies, prioritise uptime and security.
Best Merchant Account Providers for Different Businesses
The choice of payment provider depends largely on a company’s size, industry and specific requirements. Here’s how major UK providers align with different sectors.
Retail and eCommerce
Clover and Worldpay are ideal for businesses that require seamless integration between in-store and online transactions. Barclaycard's also offers options that support retail businesses.
Hospitality
Elavon provides solutions for hotels and event venues, while our flexible hardware and management tools are perfect for pubs and restaurants.
High Turnover Businesses
Barclaycard and Worldpay offer a robust infrastructure and tailored pricing models, making them best suited for large enterprises.
Selecting the Right Provider to Optimise Payment Processes
Choosing the best merchant service provider can transform a business’ payment system. By evaluating costs, payment options and customer service, merchants can find a long-term merchant account provider they can trust.
Whether for running a family-owned shop, restaurant, pub or online store, merchants want a provider that doesn’t just streamline payments. They need a partner who helps their company grow by delivering secure and flexible solutions that drive repeat business.
Finding the perfect match can be straightforward. Contact us today and gain an ally dedicated to empowering businesses with innovative, easy-to-use solutions.
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